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Subsequent Event
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE 14 – SUBSEQUENT EVENT


On February 6, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Edon Bancorp, Inc. (“Edon”). Under the terms of the Merger Agreement, each outstanding share of Edon common stock will be converted into the right to receive $103.50 in cash, for a transaction value in aggregate of approximately $15.5 million. The Company is anticipating the receipt of all regulatory and shareholder approvals in the near term and expects to close the merger in the second quarter of 2020.


The COVID-19 pandemic is creating extensive disruptions to the global economy and to the lives of individuals throughout the world. Business and consumer customers of the Bank are experiencing varying degrees of financial distress, which is expected to increase over coming months and will likely adversely affect their ability to timely pay interest and principal on their loans and the value of the collateral securing their obligations. This uncertainty may negatively impact the balance sheet, income statement, and cash flows of the Company.


The Company has responded to the pandemic by actively participating in the Paycheck Protection Program (“PPP”) and has disbursed nearly $82 million to small businesses in our markets. In addition, we have approved over $136 million in loan forbearances to clients. These actions may impact our financial statements during the remainder of 2020 although the specific details cannot be determined at this time.